The Comprehensive Fiscal Report
The Comprehensive Fiscal Report, on the docket at the November Board of Regents meeting, compares actual revenues and expenditures with Board-approved budgets for FY 2026. It identifies significant variances and includes a five-year history of actual revenues and expenditures for each university. Total FY 2026 revenues for the Regent universities reached $9.52 billion.
General Operating Revenues and Expenditures
General operating revenues, excluding UI Health Care, totaled $1.937 billion in FY 2026. Tuition (63.1 percent) and state appropriations (30.5 percent, or $591.3 million) make up the vast majority of that amount. Personnel costs made up 66.2 percent of operating expenses, which reflects the service nature of Iowa’s public universities. Further expenses include building maintenance, supplies and services, and student aid.
University of Iowa Health Care
UI Health Care’s operating units reported $3.31 billion in revenue, driven by stronger-than-expected patient volumes in cardiology, orthopedic surgery, retail pharmacy and higher-acuity procedures supported by expanded operating room access. Directed payment funding and enhanced medical education revenue also contributed. Expenses totaled $3.62 billion, reflecting higher supply and drug costs tied to patient volume and continued use of agency staffing to cover vacancies.
Athletics
UI athletics reported $170.3 million in income, with $84.7 million from the Big Ten Conference. ISU athletics reported $145.6 million in revenue, including $36.3 million from the Big 12 Conference and the NCAA. UNI athletics reported $13.2 million in revenue against $18.5 million in expenses, part of a three-year plan to reach a balanced budget by FY 2028.
Looking Ahead
The report also outlines emerging fiscal headwinds. These include possible federal reductions in research funding and Pell Grants, new federal limits on graduate and professional student loans, a projected national decline in high school graduates between 2026 and 2029, reduced state income tax receipts, and inflation. The universities are developing contingency plans and monitoring applications, campus visits and housing deposits. They also continue to diversify revenue across tuition, research, philanthropy and private partnerships.
